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Market Report

Thursday, 06-Apr-2017

NSE

  • The benchmark equity indices closed marginally in red today on Fed tightening jitters and after the RBI kept its key policy rate unchanged in its first bimonthly policy review of the new financial year. The 30-share BSE Sensex closed 46.90 points, or -0.16 per cent, down at 29,927.34 today, while the 50-share NSE Nifty settled 3.20 points, or -0.03 per cent, down at 9,261.95 today.

  • Auto, banking and real estate stocks closed mixed today after the RBI left its benchmark lending rate unchanged at 6.25 per cent, in line with market expectations. However, the central bank increased the reverse repo rate by 0.25 per cent to 6 per cent, and CRR unchanged at 4 per cent. There was a definite bounce back for the Nifty after the RBI announcement came in, which is a very good sign. As a result of this, over 130 stocks hit their fresh 52-week highs on NSE today.

  • The Nifty50 fought hard to come out of the negative terrain for most of the session today but eventually settled just a tad lower from its previous close. In the process, the index formed a 'Hanging Man' pattern on the daily chart. The Nifty50 recovered after hitting a low of 9,218. This is a clear sign of a strong uptrend, but certain technical indicators are still sending out bearish signals. Now, it has to surpass its immediate hurdle at 9,280 levels to witness a fresh upward move towards 9,350 and 9,380 levels, while on the downside, immediate supports are seen at 9,218 and 9,191 levels.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)